Educational leaders in Cornwall have said will be closely following the consequences of Thursday's referendum in which UK voters decided to pull the country out of the European Union.

The principal of Truro and Penwith College, David Walrond, said colleges everywhere would be concerned that any sustained economic downturn "will further reduce investment in education and skills."

He said: "After years of cuts, the sector secured just a little more funding stability at the last Spending Review. There was a belated recognition too that we cannot close the UK productivity gap without adequately funding further education."

Regarding Cornwall, he said: "Whatever the assurances given, EU investment in employment, skills and education in Cornwall, once lost, might not be replaced. That is why many across Cornwall will be looking closely to see that assurances are now followed up politically."

He added: "The high achievements and the greater economic contributions of thousands of successful learners here mean that Truro and Penwith College has delivered very significant returns on investment. Moreover, the college’s track-record, and its ability to co-invest with others, has attracted extra resource into Cornwall. The socio-economic fortunes of Cornwall depend on these crucial trends continuing."

Professor Anne Carlisle, vice-chancellor of Falmouth University, said the result was not what the university hoped for or supported, but it respected the democratic decision.

She said the exit process would be gradual, "with significant opportunities to seek assurances and influence future policy," and the university will make every effort to influence negotiations.

More than many other regions, she said, Cornwall owes a great deal to the EU, with more than £100 million pounds invested in improving access to higher education along with numerous other projects designed to drive economic growth, and huge educational, social and cultural benefits for the university.

She said: "However, day-to-day, Falmouth University is not reliant on funding from the EU. Our key strategic objectives to get our graduates great jobs and to help grow Cornwall’s economy will continue. Our financial modelling is robust and contingency plans are always in place to ensure business continuity.

"Clearly, the decision will impact on future plans for Falmouth that may be reliant on an EU contribution. It is too early to say how current planned projects which have been designed to take advantage of this funding will be affected.

"In the meantime, please be reassured that Falmouth University will continue to lead the way in the creative industries, working with our partners across Cornwall, the UK and the rest of the world to deliver an unrivalled university experience."

Professor Sir Steve Smith, the vice-chancellor of the University of Exeter which shares the Penryn Campus with Falmouth University, said the result was not what his institution wished for, but the university would continue to welcome colleagues and students "from all around the world."

He said it would take "a considerable amount of time" to understand the implications for higher education and finalise negotiations, but there would be "no immediate changes to participation in EU programmes such as Horizon 2020, which provides millions of pounds of research funding and Erasmus, which facilitates and partly funds UK students studying in Europe, as well as EU students in the UK. Nor will it immediately affect the immigration status of current and prospective students.

Sir Steve added: "I realise the future seems uncertain but it is important to again emphasise that there will be no immediate changes to UK universities’ current policies. I would please ask everyone to participate fully in any future discussions we will have as there will be considerable time and opportunity to influence future Higher Education policies, and therefore to ensure the UK’s exit from the EU is managed as successfully as possible in this area."